Is A Wave Of Bankruptcies Heading For The Offshore Oil Industry?
Offshore drilling major Valaris became the latest victim of the crisis this week as it filed for bankruptcy in the U.S., proposing a swap of some $6.5 billion in debt Continue Reading
US Gulf of Mexico producers shut in more production ahead of two tropical storms
US Gulf of Mexico producers have opted to shut more of their production and evacuate crews Aug. 23 as meteorologists revised the tracks of two tropical storms, Marco and Laura, Continue Reading
Chevron shutting in output, removing crews from US Gulf platforms ahead of storms
Chevron has begun shutting in production and evacuating crews from four sizeable US Gulf of Mexico platforms in advance of Tropical Storm Laura and Tropical Depression 14, as the two Continue Reading
World’s Largest Offshore Rig Owner Files Bankruptcy
UK-based offshore drilling contractor Valaris has filed for bankruptcy protection in the United States, offering creditors to swap some $6.5 billion of its $7.8-billion debt pile for equity. The company Continue Reading
U.S. Offshore Wind Industry To See Explosive Growth
Offshore wind has the potential to become a major industry in the United States over the next decade, unlocking billions of U.S. dollars of investment and creating thousands of jobs. Continue Reading
Demand For Offshore Oil Rigs To Return In 2022
Demand for offshore rigs will slump this year as a result of the pandemic and the low oil prices that are forcing offshore operators to delay drilling activities, but the Continue Reading
Transocean Hires Adviser To Consider “Strategic Alternatives”
The world’s largest offshore rig operator Transocean has hired Lazard to advise it on strategic alternatives for its capital structure, Bloomberg has reported, citing a company statement. Transocean reported a Continue Reading
BOEM Proposes New GOM Lease Sale
The Bureau of Ocean Energy Management is proposing to offer approximately 78.8 million acres in a new Gulf of Mexico lease sale. The Bureau of Ocean Energy Management (BOEM) has Continue Reading
Researchers Look For Ways To Cut Norway’s Gargantuan $100 Billion Decommissionin
A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, Continue Reading
Deepwater GOM Project Gets Green Light
LLOG Exploration Offshore has sanctioned its Taggart discovery and finalized development plans for the deepwater Gulf of Mexico field. LLOG Exploration Offshore, L.L.C. reported Monday that it has sanctioned its Continue Reading
185 US GOM Platforms Evacuated Due to Storm
As of June 7, workers have been evacuated from 185 production platforms in the U.S. Gulf of Mexico due to Storm Cristobol. As of June 7, workers have been evacuated Continue Reading
Oil refineries, offshore drillers face hurricane challenges amid pandemic
As oil and gas companies began shutting offshore production before the first tropical storm of the season in the U.S. Gulf of Mexico, experts said restarting wells and refineries will Continue Reading
Offshore Oil Is On The Brink Of Collapse
Project cancellations, spending cuts, well shut-ins: the problems and dilemmas plaguing onshore oil producers have also spread to offshore. And while the effects of the Covid-19 pandemic on onshore drilling Continue Reading
A Nightmare Scenario For Offshore Oil
Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry. The world’s offshore oil Continue Reading
Study Shows New Offshore Canada Oil Presence
A detailed evaluation of the Southern Grand Banks petroleum system offshore Atlantic Canada has identified a new oil presence, Applied Petroleum Technology reported. A detailed evaluation of the Southern Grand Continue Reading
Study Finds GOM Offshore Industry at Risk
Potential leasing and drilling bans threaten the GOM oil and gas industry, NOIA-commissioned study finds. Potential leasing and drilling bans threaten the Gulf of Mexico (GOM) oil and natural gas Continue Reading
Gulf of Mexico oil sector faces pandemic-related risks and hurricanes
Weak crude oil will make it harder for some Gulf of Mexico operators to fulfill their drilling requirements on leases just as the industry is battling outbreaks of coronavirus offshore Continue Reading
U.S. drilling industry says offshore ban would crush jobs, government revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job Continue Reading
Offshore oil producers say Trump administration’s coronavirus response falls flat
Offshore oil producers and their allies in Congress are asking the Trump administration to make it easier for them to get a break on payments to the government amid the Continue Reading
US GoM 2019 Summary: Part II – Reserves
Introduction BOEM produces an estimate of GoM reserves every year. This year’s covers estimates for then end of 2017. Nominally The figures given are 2P estimates but previous analysis has Continue Reading
Ten Years After Deepwater Horizon, U.S. Is Still Vulnerable to Catastrophic Spills
Shortly before 10 p.m. on April 20, 2010, an explosion ripped through the Deepwater Horizon drilling rig in the Gulf of Mexico, unleashing the worst offshore oil spill in United Continue Reading
10 years after BP spill: Oil drilled deeper; rules relaxed
Ten years after an oil rig explosion killed 11 workers and unleashed an environmental nightmare in the Gulf of Mexico, companies are drilling into deeper and deeper waters, where the Continue Reading
Gulf of Mexico Rig Crews Fight Virus to Keep Oil Flowing
Inside more than a thousand offshore drilling rigs and oil production platforms that dot the Gulf of Mexico, workers navigate narrow corridors, sleep in shared rooms and dine in crowded Continue Reading
Offshore driller Valaris gears up for possible debt restructuring: sources
Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said Continue Reading
US GoM 2019 Summary: Part I – Exploration, Drilling and Discoveries
Introduction In many ways the US side of the Gulf of Mexico shows signs of a production basin at the end of life. Most of the sort historic of charts Continue Reading
Offshore Oil Sector Slammed By Price Plunge, Coronavirus Fears
The fall, which in some cases wiped off almost a fifth of some rig builders’ market value in a single trading session, came after news that Saudi Arabia would go Continue Reading
Political appointees urged rollback of Deepwater Horizon-inspired safety regs over staff objections: report
Political appointees at the Department of the Interior overruled staff objections to a rule that eased offshore drilling regulations, according to a report from The Wall Street Journal on Wednesday. Continue Reading
When Safety Rules on Oil Drilling Were Changed, Some Staff Objected. Those Notes Were Cut
As the offshore oil industry’s federal regulator completed its overhaul of a major well-drilling safety rule in 2018, the agency’s director picked up the phone to a staff engineer to Continue Reading
The toxic reach of Deepwater Horizon’s oil spill was much larger — and deadlier — than previous estimates, a new study says
The study comes as the Trump administration is preparing to finalize a that would allow the oil and gas industry to buy leases in every part of the Atlantic, Pacific Continue Reading
Is This The Start Of A New Offshore Oil & Gas Boom?
In retrospect, 2019 was another strong year for offshore exploration and production companies. Free cash flow remained strong and telltale signs have emerged that we are entering a new offshore Continue Reading
Gulf of Mexico Hits Record Daily Production
The U.S. Gulf of Mexico made history in August as it exceeded oil production of 2MMbopd, according to the U.S. Bureau of Safety and Environmental Enforcement. The U.S. Gulf of Continue Reading
Gulf of Mexico Oil Output Targeting Record Year
2020 is expected to be another record year for the region with average production above 1.9 million barrels per day. Despite a massive downturn in investment in the U.S. Federal Continue Reading
Gulf of Mexico Oil Output Targeting Record Year
2020 is expected to be another record year for the region with average production above 1.9 million barrels per day. Despite a massive downturn in investment in the U.S. Federal Continue Reading
This Exploration Blind Spot Offers Great Promise
Based on currently available geophysical data, the Lebanese government estimates that the offshore oil and gas frontier areas in the East Mediterranean may hold around 25 trillion cubic feet of Continue Reading
Republican Fervor Ebbs for Offshore Drilling
The wake from Chip Campsen’s fishing boat has rippled all the way from the South Carolina coast to the White House. Mr. Campsen is a Republican state senator and dedicated Continue Reading
US Gulf Set for Record 2020 With Oil Production
The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, according to Rystad Energy. The U.S. Gulf of Mexico is positioned for another year Continue Reading
Gulf Of Mexico Oil Output Set For Another Record Year
Despite massive cuts in investment the US Gulf of Mexico is set for another year of record oil production in 2020, according to Rystad Energy. Most of the supply growth Continue Reading
Oil driller Transocean sees offshore market slowly recovering
The offshore market recovery is underway, albeit at a slow rate, and Transocean expects to capitalize on a tighter market and increasing demand for high-specification rigs, the company said Tuesday. Continue Reading
Government Loophole Gave Oil Companies an $18 Billion Windfall
Eddie Seal/Bloomberg The United States government has lost billions of dollars of oil and gas revenue to fossil-fuel companies because of a loophole in a decades-old law, a federal watchdog Continue Reading
Gulf Oil Production to Set Records Through 2020
Annual oil production in the Gulf of Mexico is expected to jump to 1.9 million bpd in 2019. Oil production in the Gulf of Mexico (GOM) hit a new annual Continue Reading
Gulf Of Mexico Oil Companies Brace For Tropical Cyclone
US oil producers are keeping a close eye on what the US National Hurricane Center is calling Potential Tropical Cyclone Sixteen, S&P Global Platts reported on Thursday. The NHC has Continue Reading
US Plans GOM Lease Sale for March 2020
The Department of the Interior’s Land and Mineral Management and Bureau of Ocean Energy Management are proposing a regionwide lease sale in March 2020 for 78 million acres in the Continue Reading
Deepwater GOM Pipeline System Starts Up
Williams has acquired and placed into service the Norphlet deepwater gas gathering system. Williams reported Wednesday afternoon that it has acquired and placed into service the 16-inch Norphlet deepwater gathering Continue Reading
Offshore GOM Operators Returning to Normal
Offshore oil and gas operators in the Gulf of Mexico are resuming normal operations following tropical storm Barry. Offshore oil and gas operators in the Gulf of Mexico (GOM) are Continue Reading
Offshore GOM Operators Returning to Normal
Offshore oil and gas operators in the Gulf of Mexico are resuming normal operations following tropical storm Barry. Offshore oil and gas operators in the Gulf of Mexico (GOM) are Continue Reading
Trump Administration Announces Huge Gulf of Mexico Oil & Gas Lease Sale
The U.S. Secretary of the Interior David Bernhardt and Bureau of Ocean Energy Management (BOEM) announced Thursday that BOEM proposes to offer 77.8 million acres for a region-wide lease sale. Continue Reading
Gulf Of Mexico Oil Production Restarts After Tropical Storm
After tropical storm Barry passed through the U.S. Gulf of Mexico and made landfall in Louisiana early on Saturday, oil and gas producers began on Monday to slowly restore oil Continue Reading
Intensifying storm shuts U.S. coastal refinery, adding to energy production losses
Threatened flooding from a tropical storm in the U.S. Gulf of Mexico that cut nearly a third of the region’s oil production has forced the shutdown of a coastal refinery, Continue Reading
Tropical Storm Barry shuts about half of Gulf of Mexico oil, gas output: US BSEE
US offshore drillers have shut 1 million b/d, or 53%, of Gulf of Mexico oil production and 1.2 Bcf/d, or 45%, of natural gas output as Tropical Storm Barry heads Continue Reading
Oil majors evacuate U.S. Gulf platform staff before storm
Major U.S. oil producers on Tuesday began evacuating and shutting in production at their deepwater Gulf of Mexico platforms in advance of a tropical disturbance expected to become a storm Continue Reading